❶ 中級財務管理 Conch Republic Electronics Case 答案Conch Republic電子公司案例
Conch Republic Electronics Case
Conch Republic Electronics is a mid-sized electronics manufacturer located in Key West, Florida. The company president is Shelly Gouts, who inherited the company. The company originally repaired radios and other household appliances when it was founded over 70 years ago. Over the years, the company has expanded, and it is now a reputable manufacturer of various specialty electroanic items. Jay McCanless, a recent MBA graate, has been hired by the company in its finance department.
One of the major revenue-procing items manufactured by Conch Republic is a Personal Digital Assistant (PDA). Conch Republic currently has one PDA model on the market and sales have been excellent. The PDA is a unique item in that it comes in a variety of tropical colors and is preprogrammed to play Jimmy Buffet music. However, as with any electronic item, technology changes rapidly, and the current PDA has limited features in comparison with newer models. Conch Republic spent $750,000 to develop a prototype for a new PDA that has all the features of the existing one, but adds new features such as cell phone capability. The company has spent a further $200,000 for a marketing study to determine the expected sales figures for the new PDA.
Conch Republic can manufacture the new PDA for $86 each in variable costs. Fixed costs for the operation are estimated to run $3 million per year. The estimated sales volume is 70,000, 80,000, 100,000, 85,000, and 75,000 per each year for the next five years, respectively. The unit price of the new PDA will be $250. The necessary equipment can be purchased for $15 million and will be depreciated on a 7-year MACRS schele. It is believed the value of the equipment in five years will be $3 million.
As previously stated，Conch Republic currently manufactures a PDA. Proction of the existing model expected to be terminated in two years。 If conch republic dose not introce the new PDA, sales will be 80,000 units and 60,000 units for the next two years, respectively. The price of the existing PDA is $240 per unit, with variable costs of $68 each and fix costs of $1,800,000 per year. If Conch Republic does introce the new PDA, sales of the existing PDA will fall by 15,000 units per year, and the price of the existing units will have to be lowered to $220 each. Net working capital for the PDAs will be 20 percent of sales and will occur with the timing of the cash flows for the year, for example, there is no initial outlay for NWC, but Changes in NWC will first occur in Year 1 with the first year's sales. Conch Republic has a 35 percent corporate tax rate and a 12 percent required return.
Shelly has asked Jay to prepare a report that answers the following aquestions:
1. What is the payback period of the project?
2. What is the profitability index of the project?
3. What is the IRR of the project?
4. What is the NPV of the project?
5. How sensitive is the NPV to changes in the price of the new PDA?
6. How sensitive is the NPV to changes in the quantity sold?
7. Should Conch Republic proce the new PDA?
【翻譯】
Conch Republic電子公司案例
Conch Republic電子公司是一家位於佛羅里達州Key West的中型電子產品製造商。公司總裁是Shelly Couts，他繼承了這家公司。公司在70年前創立時，原來是修理收音機和其他家用設備的。多年以來，公司擴張到製造領域，目前是一家有聲望的多種電子產品的製造商。Jay Mc Canless是一位剛畢業的MBA，他受雇於公司的財務部門。
Conch Republic公司生產的主要收入來源項目之一是個人數字助理（PDA）。Conch Republic公司目前在市場上有一個PDA型號，銷售非常成功。PDA是一個獨特的項目，它被配以一系列熱情的色彩，並且預先設置演唱Jimmy Buffett的音樂。但是，與其他電子產品項目一樣，技術變革十分迅速，目前的PDA比起更新的型號而言，其特點有限。Conch Republic公司花了750 000美元開發一個新PDA的母版，它具備了現有PDA的全部特點，還增添了蜂窩電話兼容等新的特點。該公司又花費了200 000美元用於市場調研，以便確定新PDA的預計銷售數據。
Conch Republic公司能夠以86美元的單位變動成本生產新PDA。該業務每年的固定成本預計為300萬美元。接下來5年的預計銷售量分別為70 000、80 000、100 000、85 000和75 000台。新PDA的單價將為250美元。所需的設備可以花1 500萬美元購買，採用7年期MACRS表折舊。相信設備在5年後的價值將為300萬美元。
如上所述，Conch Republic公司目前生產一種PDA。現有型號的生產預計在2年後終止。如果ConchRepublic公司不引入新PDA，接下來2年的銷量分別為80 000台和60 000台。現有PDA的價格是每台240美元，單位變動成本為68美元，每年的固定成本為1 800 000美元。如果Conch Republic公司引入新PDA，現有PDA的銷量將會每年下降15 000台，現有PDA的每台價格將不得不降低到220元。PDA的凈營運資本將占銷售收入的20%，隨著年度現金流量的時間發生；例如，起初不需要NWC，但是NWC的變動將會隨著第一年的銷售收入在第1年首次發生。Conch Republic公司的稅率為35%，必要報酬率為12%。
Shelly要求Jay准備一份報告，回答下列問題：
1. 這個項目的回收期是多長？
2. 這個項目的獲利能力指數是多少？
3. 這個項目的IRR是多少？
4. 這個項目的NPV是多少？
5. NPV對於新PDA價格變動的敏感程度有多大？
6. NPV對於銷售數量的敏感程度有多大？
7. Conch Republic公司應該生產新PDA嗎？
（EXCEL表格分析）
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